The property is a four storey, regency building, offered for sale as a mixed use freehold investment. It comprises retail, office and residential uses and represents a great opportunity for investors seeking income but also with potential to develop the upper floors into a more valuable use (STP).
The building forms part of a retail parade and consists of a ground floor shop with a separately accessed stairwell leading to office accommodation at the rear and first, second and third floors. The fourth floor is vacant and requires refurbishment. With their panoramic views of the Severn Valley the upper floors would make superb conversions to residential units subject to planning. There is also a useful basement for further storage.
To the rear of the main building is a former coach house in a separate block. The former coach house is separately accessed via a dedicated passage leading to a courtyard. The building consists of a vacant ground floor shop which would be suitable for letting or (STP) converting to an alternative use. On first and second floor are two residential flats. One flat is vacant and the second is let on an Assured Shorthold Tenancy.
Location
The property is located on Belle Vue Terrace in Malvern, just off the A449 which provides nearby access to the A38, close to Junction 7 of the M5 Motorway. Great Malvern Railway Station is also within close proximity.
The premises are located within the busy Great Malvern shopping area and are situated close to the junction overlooking Church Street. Great Malvern lies at the foot of the Malvern Hills and benefits from year round tourism. Numerous local traders are represented in the area along with national operators including Waitrose, Ask and Café Nero.
Accommodation
GF Shop - 66.99 sq m (721 sq ft)
MTC GF - 46.88 sq m (505 sq ft)
MTC First floor - 108.33 sq m (1,166 sq ft)
Milton Group Second Floor - 92.92 sq m (1,000 sq ft)
Third Floor - 99.58 sq m (1,072 sq ft)
Fourth Floor - Vacant/unimproved
Cellar - 72.32 sq m (778 sq ft)
R/O 28 GF - 95.40 sq m (1,026sq ft)
R/O 28 FF - 81 sq m (872 sq ft)
R/O 28 GF - 73 sq m (786 sq ft)
Total GIA - 736.42 sq m (7,927sq ft)
Terms
Terms - Available on application
Tenancies:
Ground Floor 28-30 Belle Vue - Malvern Goldsmiths
Effective FRI 6 year lease from 2nd November 2016 at £16,000pa. Contracted out of S24-28 Landlord & Tenant Act 1954
First floor 28-30 Belle Vue - Malvern Town Council
The space is occupied as administration offices by Malvern Town Council. Subject to the purchasers wishes, a sale and leaseback could be agreed for a 12 month term at £13,500pa. Alternatively, vacant possession of this part will be granted upon completion.
Second Floor 28-30 Belle Vue- Milton Group
Effective FRI lease expiring 8th June 2023 at £8,000pa. Contracted out of S24-28 Landlord & Tenant Act 1954
Third Floor 28-30 Belle Vue - Community Action
Effective FRI lease expiring December2023 at £7,500pa. Contracted out of S24-28 Landlord & Tenant Act 1954
All commercial occupiers contribute to maintenance and outgoings via a formal service charge
Significant scope for rental income growth with residential development (STP)
Fourth Floor 28-30 Belle Vue- Vacant
Rear of 28-30 Belle Vue Terrace
Ground Floor Shop - Vacant. ERV £9,000pa. Suitable for conversion STP
First floor two bedroom residential flat - Vacant ERV £8,100pa
Second floor two bedroom residential flat - Let at £6,600pa
VAT - The property is not elected for VAT
Specification
- Prominent Mixed Use Investment
- Significant Scope For Development (SPT)
- Character Property with Panoramic Views of Severn Valley
- 736.42m2 (7,927sq ft) GIA
- ERV £59,700pa
- EPC Band D